Florida Senate - 2009                        COMMITTEE AMENDMENT
       Bill No. SPB 7074
       
       
       
       
       
       
                                Barcode 767380                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: FAV            .                                
                  04/07/2009           .                                
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       The Policy and Steering Committee on Ways and Means (Fasano)
       recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 739 and 740
    4  insert:
    5         Section 29. In order to implement Specific Appropriation
    6  1570A of the 2009-2010 General Appropriations Act:
    7         (1) The Florida Homebuyer Opportunity Program is created
    8  within the Florida Housing Finance Corporation. The intent of
    9  the Legislature is to assure that the state derives the maximum
   10  possible economic benefit from all federal homebuyer assistance
   11  programs by providing loans to homebuyers in an amount equal to
   12  a homebuyer’s anticipated federal assistance. For purposes of
   13  this section, the term “anticipated federal assistance” means
   14  the income tax refund or other federal assistance that a
   15  homebuyer has qualified for but has not yet received.
   16         (2) In order to implement and administer the program, the
   17  corporation shall provide loans to prospective homebuyers, the
   18  amount of which shall be equal to the prospective homebuyer’s
   19  anticipated federal assistance. As a condition of obtaining a
   20  loan under the program, the prospective homebuyer must assign to
   21  the corporation his or her right to receive an income tax refund
   22  or other federal assistance in connection with the purchase of a
   23  primary residence.
   24         (3) The program shall provide loans at market rates of
   25  interest with payments beginning 18 months after the date of the
   26  closing of the loan. If the program receives the assigned
   27  federal assistance within 18 months after the closing date of
   28  the loan, or if the homebuyer pays off the loan within such
   29  period, the program shall waive all interest charges. All
   30  homebuyer opportunity program loans shall be subject to a
   31  service charge established by the corporation in an amount
   32  calculated to cover the administrative costs of the program.
   33         (4) Administration of the program shall be consistent with
   34  the Federal Housing Administration requirements set forth in
   35  Handbook 4155.1, Chapter 1, paragraph 1-13A.
   36         (5) In order to limit the state’s exposure and enhance the
   37  effectiveness of the program, the corporation shall negotiate
   38  with private lenders to borrow additional funds to support the
   39  program and shall pledge the appropriate portion of payments
   40  received from borrowers under the program as repayment of such
   41  loans from private lenders.
   42         (6) This section expires July 1, 2010.
   43  
   44  ================= T I T L E  A M E N D M E N T ================
   45         And the title is amended as follows:
   46         Delete line 124
   47  and insert:
   48         obsolete provisions; creating the Florida Homebuyer
   49         Opportunity Program within the Florida Housing Finance
   50         Corporation; providing legislative intent; defining
   51         the term “anticipated federal assistance”; providing
   52         duties for the corporation to implement and administer
   53         the program; providing certain requirements for the
   54         program; requiring that the administration of the
   55         program be consistent with certain Federal Housing
   56         Administration requirements; requiring that the
   57         corporation negotiate with private lenders to borrow
   58         additional funds to support the program; providing for
   59         future expiration; providing that the annual salary